Day Trading Futures

Buy setup :cheesy:
 

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looks to me like euro/dollar will go to new highs above 1.30 this move down has been a laboured and correctional
though an abc up will have some resistance initially (shorter time frame)
good trade MR Black
 
andycan said:
looks to me like euro/dollar will go to new highs above 1.30 this move down has been a laboured and correctional
though an abc up will have some resistance initially (shorter time frame)
good trade MR Black
Thank you brother :cheesy:
 
Actually i should say i would like a pop to 1.3 but it does not have to, the upside target is pretty much there. in the longer term picture it should have a drop to 1.06-1.08 area
i have included a chart on the short term
i have just recently started trading euro/dollar so just getting use to its habits
 

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andycan said:
Actually i should say i would like a pop to 1.3 but it does not have to, the upside target is pretty much there. in the longer term picture it should have a drop to 1.06-1.08 area
i have included a chart on the short term
i have just recently started trading euro/dollar so just getting use to its habits
My opinion is this may be a correction and the current trend is still Down there is no evidence for new trend direction. Thats why the profit need to be taken :cheesy:
 
Mr.Black said:
My opinion is this may be a correction and the current trend is still Down there is no evidence for new trend direction. Thats why the profit need to be taken :cheesy:

Good trade was think aloud nothing more
 
andycan said:
Good trade was think aloud nothing more
This was the only possible trade in current direction . My trading style is to take the trade in current direction if P/L amount is acceptable :cheesy:
 
This is something i currently work on it for scalping and day trading
 

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this is one of the ways i look at intraday markets

the fuccia lines are 1:1 up
the green lines are corrective moves down which are showing a constant contraction of 0.786 of the previous move
its looking a questionable market on the upside displaying parabolic characteristics but none of that matters until we have an expanded move down
thats what the blue lines are, points of references or structural support when they get penetrated the moves down should start hitting stops like a machine gun
 

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This is My method to separate waves:
1. Simple Ma of Close .In this sample i use 5 periods
2. Up wave is qualified If Low is>= Ma(close,5);
3. Down wave is qualified If High is<= Ma(close,5);
This way the wave count is less subjective :cheesy:
 

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ok i see
MA have never worked for me i strictly look at the the geometric aspects
market and wave structure also i look at timing and good old fashioned chart reading
but i can see how it works for you
same things different approach its all good!!
 
Andy can I ask why on your last 1;1 you placed the start of the fuccia line not at the 1364area swing low :?:
 
Bez said:
Andy can I ask why on your last 1;1 you placed the start of the fuccia line not at the 1364area swing low :?:
Bugger!!!

well spotted thanks for that, that brings the target down a tad
and there justifies the human error factor
thanks again Bez
 
I could understand it if you were using EW but you say you don't use it..

Thats what confused me on your ref point for the 1:1 :eek: :)
 
This concept can be taken further for timing in day trading approach :cheesy:
 

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